Salaried class pours, informal workers pare pension money: PFRDA data

Contributions towards pension rose as new subscriber growth fell in April-July

Well-heeled Indians, mainly government employees, contributed considerably more towards old-age security in the months battered by the pandemic, but informal sector workers put in contributions smaller than in the previous year, the data shared by the Pension Fund Regulatory Authority (PFRDA) shows.

The average contribution by a government employee rose 12-13 per cent, while that from a subscriber working in the private sector grew 25 per cent in April-July this year.

But for subscribers to the Atal Pension Yojana (APY), the government’s pension scheme for informal sector workers, the average contribution declined by 33 per cent, because other retail subscribers kept their